BREAKING - Joint company formed by Next and Tom Joule takes over Harborough-based Joules

Some 19 stores will be closing and 133 people have been made redundant today.
Next is understood to be taking over JoulesNext is understood to be taking over Joules
Next is understood to be taking over Joules

Joules has been sold to a new, jointly formed company set up by Next and Joules founder Tom Joule.

In addition, Leicester-based Next has acquired the Joules headquarters on Rockingham Road in Market Harborough, which is home to some 400 staff.

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The new company has acquired around 100 Joules stores, with some 1,450 employees across these stores and head office transferring as part of the transaction.

There are 19 stores not part of the transaction and will be closed immediately.

It means 133 redundancies have today been made across the group.

Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators of Joules Group plc and Joules Limited on November 16.

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Will Wright said: “Following a highly competitive process, we are pleased to have concluded this transaction which secures the future of this great British brand, as well as safeguarding a significant number of jobs. To have achieved this in such a short timetable is testament to the support we’ve received from employees, suppliers and other key stakeholders throughout the administration process, so we’d like to express our profound thanks to everyone involved.”